Internet commentator Lance Wiggs has extended his Punakaiki Fund offer by about three weeks and cut proposed management and directors' fees on signs the IPO would miss its minimum target of $5 million.
The offer, which had been due to close today, had sought to raise up to $50 million to invest in early stage New Zealand technology, internet and design companies. The fund had registered a prospectus for an initial public offering of $20 million of shares at $1 apiece with oversubscriptions for a further $30 million.
"It was a lot harder to raise the fund that we anticipated, and our timing versus the Meridian offer was unfortunate, with brokers essentially dedicated to that process for a substantial period, especially over the critical last two weeks,'' Wiggs said in a statement.
The government's sale of about 49 percent of Meridian Energy went on sale on Monday.
Wiggs said fees have been cut in the amended offer document after feedback that some investors "wanted to see lower fees in the case of a smaller raise.''
